RenaissanceRe, PGGM announce new property cat reinsurer
Vermeer Reinsurance Ltd | December 19, 2018
US-based RenaissanceRe Holdings and Dutch pension fund manager PGGM have created Vermeer Reinsurance Ltd., which will provide capacity focused on risk remote layers in the US property catastrophe market. According to a statement by the two firms, Vermeer will be initially capitalized with US$600 million of equity from PGGM, its sole investor. A further US$400 million will be available to pursue growth opportunities in 2019, for a total of US$1 billion of capital.